After
being fired from CBS Records, Clive Davis was hired by Columbia Pictures
to be a consultant for the company’s record and music operations. Assuming
the presidency of this division in late 1974, Davis folded the various
Columbia legacy labels (Colpix Records,
Colgems
Records, and Bell Records) into
a new entity - Arista Records.Looking
to stave off bankruptcy, Columbia Pictures sold Arista to German-based
Ariola
Records in 1979.

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